The Biden administration has begun a push to diversify the US’ sources of important goods and materials and to reduce dependency on China.

Key results include 1.3% lithium oxide over 35 metres, including 1.58% over 27 metres.

Eramet said last month that Glencore was among parties to have expressed interest in helping finance its lithium production in Argentina.

Phase one of the project in Saskatchewan includes an after-tax IRR of 48.5% and an after-tax NPV of $1.0 billion.

The company will increase its land position to approximately 12,800 acres up from a previous area of 6,270 acres.

“There is opportunity for consolidation” in the sector, which is dominated by small and mid-sized producers, its managing director said.

The production of lithium and nickel can produce vastly different emissions profiles.

Record quarterly sales for top customer Tesla helped propel the Fujian-based company’s profit growth.